Industry at a glance Oil and Gas Prices and Production and Rig Counts
Despite an extreme reduction in worldwide drilling activity during 2015, both WTI and Brent dropped below $30/bbl briefly in mid-January. The market-share battle being waged by Saudi Arabia and Russia shows no sign of abating, with both countries continuing to produce at record-high levels. Also, wells in the large U.S. shale plays are proving more resilient than expected, adding to oversupply. Global oil capabilities expanded by 2.6 MMbpd in 2015, following a gain of 2.4 MMbpd in 2014. The slowing global economy has reduced demand, with growth in 2016 predicted at 1.2 MMbopd. International drilling activity posted a 12-rig gain, as Saudi Arabia became the most active country outside North America. The U.S. rig count average dropped 8% in January, to 656 rigs.
- Applying ultra-deep LWD resistivity technology successfully in a SAGD operation (May 2019)
- Adoption of wireless intelligent completions advances (May 2019)
- Majors double down as takeaway crunch eases (April 2019)
- What’s new in well logging and formation evaluation (April 2019)
- Qualification of a 20,000-psi subsea BOP: A collaborative approach (February 2019)
- ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing (February 2019)